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The Chinese yuan is the commonly used name for the currency of the People’s Republic of China. Officially, the modern Chinese currency is called the Renminbi, while the yuan is the primary unit of that currency. The currency is used in China, but not in Hong Kong and Macau. The first renminbi banknotes were introduced in December 1948. The yuan was pegged to the US dollar through the most part of its history, though since 2005 China allowed it to float in a narrow corridor and intends to widen the free-float range over time as a part of the transition from central planning to a free market economy. The usage of the yuan in international trade is limited by severe regulations that forbid the currency to be used in transactions with foreign entities. China showed willingness to ease these regulations as it strives to make the yuan new reserve currency. China made agreements with Russia, Vietnam, and Thailand that allow trade with those countries to be settled directly in renminbi.



Chinese Yuan News Archive

Chinese Yuan Mixed As PBoC Cuts Reserve Requirements to Boost Economy

The Chinese yuan is mixed on Thursday as the central bank announced that it is cutting amounts of deposits that commercial institutions are mandated to hold as reserves. This comes soon after new data found the nation’s manufacturing activity remained in expansionary territory, which is positive news for a nation that is trying to achieve better growth than what it has recorded over the last two years.

Chinese Yuan Finishes 2019 Stronger, Still Records Annual Loss

The Chinese yuan is gaining on some of its major currency rivals to finish 2019, but the currency will still end the year lower. The yuan suffered some steep losses throughout the year, though it has rebounded in recent months because the trade dispute with the US is subsiding and slightly better economic data. The yuan’s performance in 2020 will be closely watched by observers as it might impact American negotiations […]

Chinese Yuan Mixed As Industrial Profits Rebound

The Chinese yuan is mixed at the end of the trading week as final data of 2019 and outlook for 2020 drive the currency’s trading performance. With industrial profits rebounding in November, analysts are holding out hope that next year could be an improvement now that there is some certainty on the trade file.

Chinese Yuan Rallies As Industrial Output, Retail Sales Beat Forecasts

The Chinese yuan is rallying against multiple currencies to kick off the trading week, buoyed by industrial production and retail sales beating market expectations. With the first phase of a comprehensive US-China trade agreement established, global financial markets have been extended some certainty, which is good news for the world’s second-largest economy and its currency.

Chinese Yuan Soars As Trump Tweets ‘Very Close to a Big Deal’

The Chinese yuan is spiking on Thursday after President Donald Trump tweeted that the US and China are “very close to a big deal.” Mirroring the financial markets, the yuan pared its earlier losses and is rallying on the news. The yuan could end the week higher following this week’s upbeat economic data. But could the yuan exit the 7 territory against the US dollar to close out the year?

Chinese Yuan Dips As Exports Fall Short of Estimates

The Chinese yuan is trading slightly lower against multiple currencies to kick off the trading week. The yuan’s performance on Monday was driven by the latest disappointing trade numbers that suggest Beijing is still reeling from the US-China trade dispute. This might explain why, according to Chinese government officials, the world’s second-largest economy wants to settle phase one of a deal.

Chinese Yuan Weakens As Trump Remarks Offset Manufacturing PMI

The Chinese yuan is tumbling on Tuesday after President Donald Trump told reporters that a trade agreement with China can wait. The remarks offset positive manufacturing data that showed the industry expanded for the first time in seven months. The yuan remains firmly entrenched in the 7 territory against the US dollar after appreciating on hopes of a trade agreement.

Chinese Yuan Slides As PBOC Unexpectedly Cuts Short-Term Funding Rate

The Chinese yuan is sliding against multiple currency pairs to start the trading week. The central bank’s decision to unexpectedly cut its short-term funding interest rate is playing a huge role in global financial markets on Monday. Will this be enough to withstand the economic storm clouds that have been gathering in the world’s second-largest economy over the last 18 months?

Chinese Yuan Rebounds After Disappointing Data, Positive 2020 Outlook

The Chinese yuan is rebounding against multiple currency pairs on Tuesday, following an onslaught of disappointing economic data. The biggest driver of the yuan’s gains is President Donald Trump’s upcoming speech at the Economic Club of New York that is expected to announce delays to tariffs on automobiles, as well as hints on the current state of US-China trade negotiations.

Chinese Yuan Exits 7 Territory on Trade Deal Hopes, Positive Data

The Chinese yuan has climbed above the key 7 threshold against its US peer for the first time in three months, driven by hopes that the US and China are on the cusp of agreeing to the first phase of a comprehensive trade deal. Improving trade data and a better-than-expected purchasing managers’ index (PMI) are also giving the yuan a boost.

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